Detailed financial statements for Harmony Biosciences Holdings, Inc. (HRMY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Harmony Biosciences Holdings, Inc. is a commercial-stage pharmaceutical firm dedicated to developing and marketing therapies for individuals in the United States who suffer from rare neurological conditions. Their flagship product, WAKIX, is a prescription medication designed to treat excessive daytime sleepiness in adult patients diagnosed with narcolepsy. The company, which was founded in 2017, was formerly known as Harmony Biosciences II, Inc.
Analysis Summary
Harmony Biosciences Holdings, Inc. reported revenue of $868.5M in the most recent fiscal year, growing at a 5-year CAGR of 40.3%.
Trailing-twelve-month margins: gross margin 75.4%, operating margin 24.0%, net margin 18.9%.
At $37.02 (closing price, November 3, 2026), HRMY trades at a P/E of 12.02 and an ROE of 20.06%. Market capitalisation stands at $2.2B.
Balance sheet quality for HRMY: debt-to-equity ratio of 0.15, current ratio of 3.48 over the last 12 months, net cash position of $535.8M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $347.9M represents 219% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $6.0M | $159.7M | $305.4M | $437.9M | $582.0M | $714.7M | $868.5M |
| Cost of Revenue | $184,000 | $1.6M | $27.7M | $55.5M | $83.5M | $121.2M | $156.8M | $198.3M |
| Gross Profit | -$184,000 | $4.4M | $132.0M | $249.9M | $354.4M | $460.8M | $557.9M | $670.1M |
| Research & Development | $12.4M | $69.6M | $19.4M | $30.4M | $70.9M | $76.1M | $145.8M | $189.6M |
| Selling, General & Admin | $29.1M | $80.7M | $95.6M | $132.0M | $163.3M | $192.7M | $221.3M | $272.0M |
| Operating Expenses | $41.4M | $150.3M | $115.0M | $162.4M | $234.2M | $268.8M | $367.1M | $461.6M |
| Operating Income | -$41.4M | -$145.9M | $17.0M | $87.5M | $120.2M | $192.0M | $190.8M | $208.5M |
| EBITDA | -$41.3M | -$142.7M | $1.5M | $80.5M | $146.9M | $221.5M | $233.4M | $255.0M |
| Interest Expense | 0 | $6.1M | $28.2M | $24.2M | $18.8M | $23.8M | $17.5M | $14.6M |
| Pre-tax Income | -$39.9M | -$152.0M | -$36.9M | $37.4M | $104.7M | $173.4M | $191.8M | $215.1M |
| Income Tax | 0 | 0 | 0 | $2.8M | -$76.8M | $44.5M | $46.3M | $56.4M |
| Net Income | -$39.9M | -$152.0M | -$36.9M | $34.6M | $181.5M | $128.9M | $145.5M | $158.7M |
| EPS | -$1.42 | -$2.94 | -$1.12 | $0.60 | $3.07 | $2.17 | $2.56 | $2.76 |
| EPS (Diluted) | -$1.42 | -$2.94 | -$1.10 | $0.58 | $2.97 | $2.13 | $2.51 | $2.71 |
| Shares Outstanding (Diluted) | 49.2 M | 63.7 M | 57.8 M | 59.2 M | 61.1 M | 60.4 M | 57.9 M | 58.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $239.5M | $243.8M | $215.4M | $261.3M |
| Gross Profit | $179.8M | $175.2M | $170.9M | $198.1M |
| Operating Income | $65.5M | $38.6M | $37.3M | $89.3M |
| EBITDA | $73.5M | $51.7M | $48.9M | $102.3M |
| Net Income | $50.9M | $22.5M | $32.5M | $75.4M |
| EPS | $0.88 | $0.39 | $0.56 | $1.30 |
| EPS (Diluted) | $0.87 | $0.38 | $0.55 | $1.28 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.5M | $24.5M | $228.6M | $234.3M | $243.8M | $311.7M | $453.0M | $752.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | $79.3M | $41.8M | $14.2M | $22.8M |
| Receivables | 0 | $4.3M | $22.2M | $34.8M | $54.7M | $74.1M | $83.0M | $96.8M |
| Inventory | 0 | $1.1M | $3.8M | $4.4M | $4.3M | $5.4M | $7.2M | $5.4M |
| Total Current Assets | $86.7M | $31.5M | $262.9M | $284.4M | $400.3M | $451.1M | $579.3M | $907.0M |
| Property, Plant & Equipment | $1.6M | $1.3M | $938,000 | $4.1M | $573,000 | $371,000 | $3.4M | $5.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $72.2M | $162.3M | $143.9M | $161.0M | $137.1M | $113.3M | $89.4M |
| Total Assets | $89.3M | $106.7M | $427.1M | $433.4M | $673.9M | $811.4M | $999.2M | $1.27B |
| Accounts Payable | $1.5M | $6.4M | $2.6M | $1.0M | $3.8M | $17.7M | $13.7M | $17.7M |
| Short-term Debt | 0 | 0 | 0 | $2.0M | $2.0M | $15.0M | $16.2M | $86.9M |
| Total Current Liabilities | $7.2M | $19.9M | $134.5M | $53.8M | $78.9M | $163.8M | $175.1M | $252.1M |
| Long-term Debt | $324.2M | $97.9M | $194.2M | $190.0M | $189.6M | $178.6M | $163.0M | $148.2M |
| Total Liabilities | $7.8M | $118.3M | $329.9M | $246.9M | $271.0M | $344.5M | $340.0M | $401.4M |
| Retained Earnings | -$242.7M | -$422.9M | -$488.2M | -$453.6M | -$272.1M | -$143.3M | $2.2M | $160.9M |
| Total Equity | $81.5M | -$11.6M | $97.2M | $186.5M | $402.8M | $467.0M | $659.2M | $870.2M |
| Total Debt | $324.2M | $97.9M | $194.2M | $195.7M | $191.6M | $193.6M | $181.4M | $239.6M |
| Net Debt | $240.7M | $73.5M | -$34.4M | -$38.6M | -$131.5M | -$159.9M | -$285.8M | -$535.8M |
| Working Capital | $79.5M | $11.6M | $128.4M | $230.7M | $321.4M | $287.3M | $404.2M | $654.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $647.0M | $752.5M | $589.4M | $549.8M |
| Total Assets | $1.21B | $1.27B | $1.27B | $1.37B |
| Total Liabilities | $373.1M | $401.4M | $361.5M | $373.8M |
| Total Equity | $835.1M | $870.2M | $910.3M | $999.2M |
| Total Debt | $169.7M | $239.6M | $206.5M | $154.0M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$39.9M | -$152.0M | -$36.9M | $34.6M | $181.5M | $128.9M | $145.5M | $158.7M |
| Depreciation & Amortization | $184,000 | $3.2M | $10.2M | $18.8M | $23.4M | $24.4M | $24.1M | $25.3M |
| Stock-based Compensation | $1.1M | $9.9M | $4.7M | $16.1M | $26.9M | $31.7M | $42.6M | $44.9M |
| Change in Working Capital | -$164,000 | $3.4M | -$11.6M | $2.2M | -$6.9M | $35.0M | -$7.3M | $91.8M |
| Operating Cash Flow | -$38.8M | -$75.4M | -$3.0M | $98.6M | $144.5M | $219.4M | $219.8M | $348.2M |
| Capital Expenditure | -$1.3M | -$149,000 | -$2.0M | -$298,000 | -$172,000 | -$312,000 | -$1.2M | -$310,000 |
| Acquisitions | 0 | 0 | -$2.0M | 0 | 0 | -$37.0M | -$33.1M | 0 |
| Stock Repurchased | -$3.2M | 0 | -$167,000 | 0 | 0 | -$100.0M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$40.1M | -$75.6M | -$5.0M | $98.3M | $144.3M | $219.1M | $218.7M | $347.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $108.7M | $126.2M | $27.8M | $92.4M |
| Capital Expenditure | -$71,000 | -$107,000 | 0 | 0 |
| Free Cash Flow | $108.7M | $126.0M | $27.8M | $92.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $10.8M | $10.2M | $10.6M | $9.3M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2,564.6% | +91.2% | +43.4% | +32.9% | +22.8% | +21.5% | ||
| Net Income Growth (YoY) | -280.9% | +75.7% | +193.6% | +424.5% | -29.0% | +12.9% | +9.1% | |
| EPS Growth (YoY) | -107.0% | +61.9% | +153.6% | +411.7% | -29.3% | +18.0% | +7.8% | |
| Shares Change (YoY) | +29.3% | -9.2% | +2.3% | +3.2% | -1.2% | -4.1% | +1.2% | |
| FCF Growth (YoY) | -88.3% | +93.4% | +2,070.3% | +46.9% | +51.8% | -0.2% | +59.1% | |
| Gross Margin | 73.7% | 82.6% | 81.8% | 80.9% | 79.2% | 78.1% | 77.2% | |
| Operating Margin | -2,433.8% | 10.6% | 28.7% | 27.4% | 33.0% | 26.7% | 24.0% | |
| EBITDA Margin | -2,380.2% | 0.9% | 26.3% | 33.5% | 38.1% | 32.7% | 29.4% | |
| Net Margin | -2,535.1% | -23.1% | 11.3% | 41.4% | 22.1% | 20.4% | 18.3% | |
| FCF Margin | -1,260.8% | -3.1% | 32.2% | 33.0% | 37.6% | 30.6% | 40.1% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 7.6% | -73.3% | 25.7% | 24.1% | 26.2% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.82 | -$1.19 | -$0.09 | $1.66 | $2.36 | $3.63 | $3.78 | $5.94 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 49.2 M | 63.7 M | 56.9 M | 57.5 M | 59.2 M | 59.5 M | 56.9 M | 57.5 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 20.06% |
| Return on Invested Capital | 14.96% |
| Return on Assets | 13.20% |
| Gross Margin | 75.42% |
| Operating Margin | 24.03% |
| Net Margin | 18.88% |
Financial Health
| Debt / Equity | 0.15 |
| Current Ratio | 3.48 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 5.23 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -26.06 | -12.59 | -32.28 | 71.07 | 17.95 | 14.88 | 13.44 | 13.56 |
| P/B | 22.35 | -203.43 | 21.16 | 13.15 | 8.09 | 4.11 | 2.97 | 2.47 |
| P/S | 0.00 | 393.12 | 12.87 | 8.03 | 7.45 | 3.30 | 2.74 | 2.48 |
| Gross Margin | 0.0% | 73.7% | 82.6% | 81.8% | 80.9% | 79.2% | 78.1% | 77.2% |
| Operating Margin | 0.0% | -2,433.8% | 10.6% | 28.7% | 27.4% | 33.0% | 26.7% | 24.0% |
| Net Margin | 0.0% | -2,535.1% | -23.1% | 11.3% | 41.4% | 22.1% | 20.4% | 18.3% |
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Explore sector: Healthcare · Biotechnology
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